Chapter 8- Product Concepts Flashcards
WHAT IS A PRODUCT?
everything, both favourable and unfavaourable, that a person receives in an exchange
-Tangible or intangible
TYPES OF CONSUMER PRODUCTS: Business products
used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers
TYPES OF CONSUMER PRODUCTS: Consumer products
is bought to satisfy an individuals personal wants
- convenience products
- shopping products
- specialty products
- unsought products
Consumer products : Convienence product
relatively inexpensive item that merits little shopping effort– the consumer is unwilling to shop extensively for such an item
Consumer products : shopping product
usually more expensive than convenience product and is found in fewer stores. – comparison of several brans or stores, depends on style, price, and lifestyle compatibility. –consumers are willing to invest more time in this purchase
Consumer products : specialty product
consumers search extensively for a particular item and are very reluctant to accept substitutes
Consumer products : unsought product
a product unknown to the potential buyer or a know product that the buyer does not actively seek
Product item
is a specific version of a product that ca be designated as a distinct offering among an organizations products
Product line
a group of closely related product items forms a product line
Product mix
- includes all of the products that an organization sells.
○ Product mix width : refers to the number of product lines an organization offers --Product mix depth : is the number of product items in a product line .
Product modification
changes one or more of a products characteristics :
○ Quality modification - change in the products depenability or durability ○ Functional modification : change in a products versatiliitly, effectiveness, convenience, or safety ○ Style modification: aesthetic product change, rather than a quality or functional changed.
Repositioning
involves changing consumers’ perceptions of a brand
Product line extension
occurs when a company’s management decides to add products to an existing product line in order to compete more broadly in the industry.
Product line contraction
company cuts down its product lines.
Brand
is a name, term, symbol, design, or combination of these that identifies a seller’s products and differentiates them from competitor’s products
Brand name
–> is that part of a brand that can be spoken including letters, words, and numbers.